A few days ago, Bank of America announced a significant increase in its minimum hourly wage in the United States. Starting in October, The new minimum wage will be $24 dollars per houran important step toward the goal of reaching $25 per hour by 2025. This increase will impact both full-time and part-time employees nationwide.
This adjustment marks an important change in the bank’s salary policy. Over the past seven years, Bank of America has raised its minimum wage from $15 per hour in 2017 to $24 per hour in 2024. With this increase, Annualized salary for full-time employees will reach almost $50,000which represents an increase of nearly $20,000 compared to 2017.
This change reflects the bank’s commitment to improving salary conditions and consolidating itself as a leader in the US labor market.
“Providing a competitive minimum wage is essential to being a great place to work. I am proud that Bank of America is leading by example,” said Sheri Bronstein, the bank’s chief human resources officer.
This new minimum wage is aimed at employees in customer service roles, such as cashiers and call center staff.
Additional Benefits and Rewards
Raising the minimum wage is just one part of Bank of America’s focus on providing an attractive work environment. In addition to salary increases, 97% of bank employees have received additional awards beyond regular compensation. These awards are granted in the form of Bank of America restricted stock, and since the program’s inception in 2017, more than $4.8 billion dollars have been awarded.
The benefits offered by the bank go beyond salary and rewards. These include:
- 16 weeks of paid parental leave: a benefit that helps employees balance work and family life.
- A sabbatical program– Allows employees to take extended time off to renew themselves and develop new skills.
- Personalized support for critical life events: Through the Life Events Services team, the bank offers assistance in important moments.
Bank of America also focuses on the professional development of its employees. The company has The Academy at Bank of Americaan award-winning organization providing training, education and professional development. This academy not only helps employees improve their skills and advance their careers, but also offers free education to individuals in local communities to encourage professional growth.
With more than 212,000 employees, Bank of America, the second largest bank in the US after JPMorgan Chase, continues to expand. Those interested in being part of the team You can check the available vacancies through the bank’s official sitewhere employment opportunities in various areas are published.
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